New tool to detect greenwashing in the finance sector

Reclaim Finance and more than 15 NGOs have launched the Oil and Gas Policy Tracker (OGPT). The tool is the first of its kind assessing in detail the oil and gas exclusion policies (or lack thereof) of the 150 biggest financial institutions worldwide.

The Oil and Gas Policy Tracker reveals that despite many of the banks, insurers and investors pledging to tackle climate change by restricting support for the oil and gas industry, their policies are too flawed to align their business with their net-zero targets.

The OGPT scores the oil and gas exclusion policies of top global financial institutions (60 banks, 30 insurers and 60 investors), looking at three key indicators: restrictions on new oil and gas projects, restrictions on companies developing new oil and gas projects, and strategies to phase out oil and gas.

Currently, less than half of the 150 institutions have implemented oil and gas exclusion policies. The OGPT points to a significant number of the heavyweights in the Glasgow Financial Alliance for Net Zero (GFANZ) which still haven’t implemented an exclusion policy on oil and gas, despite their pledge to align their portfolios with 1.5C.

Reclaim Finance plans to gradually expand the scope of the Oil and Gas Policy Tracker and include 200 more international financial institutions by the United Nations General Assembly in September, and the Oil and Gas Policy Tracker will be able to score the oil and gas policies of all significant members of the GFANZ as the Coal Policy Tool does.

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